If a country has a comparative advantage in the production of a good, its resources are better suited to the production of that good than are the resources of other countries.
Answer the following statement true (T) or false (F)
True
See the definition of comparative advantage in the text.
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Refer to the above figure. Suppose the demand curve shifts from DA to DB, while the supply curve remains at SA. Which of the following statements is FALSE?
A) There has been an increase in demand. B) Supply has increased. C) More consumers in the market might have caused the demand curve to shift. D) The new equilibrium price is P2, and the new equilibrium quantity is F.
For the monopolistically competitive firm, in both the short run and the long run
A) the demand curve is inelastic. B) price will exceed marginal cost. C) there will be no economic profit. D) production will be at minimum average cost.
The Bureau of Labor Statistics divides the adult population into two categories: those who are employed and those who are unemployed
a. True b. False Indicate whether the statement is true or false
Saving is an example of
A. a stock concept. B. a flow concept. C. a planned investment concept. D. a physical capital concept.